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Tom Hardel Market Update

Tuesday, July 28th, 2015 at 5:46am. 20 Views, 0 Comments.

>> Market Update 

QUOTE OF THE WEEK... "If you want to be thought a liar, always tell the truth." --Logan Pearsall Smith, American writer

INFO THAT HITS US WHERE WE LIVE... Some folks think it's a lie that the housing market is making  progress, but the truth is, the evidence of recovery keeps mounting. Last week we got Existing Home Sales up 3.2% in June to a 5.49 million annual rate, 9.6% ahead of a year ago. And this bump wasn't just caused by some sensational performances in a few areas of the country. Sales went up in all major regions, and although the gain was mostly due to single family homes, condo/coop sales also rose. In fact, June saw the fastest sales pace for existing homes in more than 8 years, in spite of the tight supply and

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Tom Hardel Market Update

Tuesday, July 21st, 2015 at 6:01am. 34 Views, 0 Comments.

>> Market Update 

QUOTE OF THE WEEK... "You can't have everything. Where would you put it?"--Steven Wright, American comedian, actor, writer, and film producer

INFO THAT HITS US WHERE WE LIVE... We don't have everything we'd like in the housing market, but we do keep seeing progress. Last week gave us Housing Starts up 9.8% in June, reaching a 1.174 million annual rate. Negative types will point out that all the gain came from multi-family units (true), butthe fact is, single-family starts are up 14.7% in the past year and the pace of starts from April to June was the fastest since 2007. Economists point out that the underlying trend has been heading upward since 2011, and they see that trend continuing. Hey, the number of homes under

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Summit Mortgage Weekly Rates

Friday, July 17th, 2015 at 7:54pm. 56 Views, 0 Comments.

COMMENTARYAs each summer day blends into another, the wheels of the economy continue to churn regardless of the heat.  This week was heavy with economic reports from the June Retail Sales, the Weekly Jobless claims and June’s Consumer Price Index.  To begin the week, retail sales came in at a very anemic .3% reduction and many were thinking that mortgage rates may tick lower but once the CPI came in, it was clear that the reports were at odds with each other with inflation showing a bit of its teeth.  Sandwiched between these events was Fed Chairman Janet Yellen’s semi-annual trip to Capitol Hill to present their assessment of the health of the economy to members of Congress.  As expected, Mrs. Yellen struck an upbeat tone as she described the economy

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Tom Hardel Market Update

Monday, July 13th, 2015 at 9:13pm. 54 Views, 0 Comments.

>> Market Update 

QUOTE OF THE WEEK... "A study of economics usually reveals that the best time to buy anything is last year."--Marty Allen, American stand-up comedian and actor

INFO THAT HITS US WHERE WE LIVE... Well, some interesting economic studies have appeared revealing that this year could well be a great time to buy a home. In Fannie Mae's June 2015 National Housing Survey, 59% of respondents expect rents to increase in the next year, a survey high. At the same time, 52% think now is a good time to sell a home, a survey high that went over 50% for the first time in its history. Fannie Mae's chief economist concluded, "these results point to a healthier home purchase market, with more renters likely to find owning to be more

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Summit Mortgage Weekly Rates

Friday, July 10th, 2015 at 5:29pm. 48 Views, 0 Comments.

COMMENTARYWith very few economic reports published this week, institutional investors focused their attention on the financial crisis in Greece.  Interesting enough, our mortgage rates remained virtually unchanged since last Friday.  By the time the mortgage market opens for trading on Monday morning July 13th -- most analysts believe the Greek financial crisis will have reached a resolution.  Exactly what that resolution will look like is still anybody's guess - and global investors are not yet ready to make definitive bets one way or the other.  US mortgage rates will likely be affected by this decision so stay tuned.

 Looking ahead to the coming week -- mortgage investors will have their plates full with important economic data and Federal Reserve

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Tom Hardel Market Update

Monday, July 6th, 2015 at 6:00pm. 50 Views, 0 Comments.

>> Market Update 

QUOTE OF THE WEEK... "A friendship founded on business is a good deal better than a business founded on friendship."--John D. Rockefeller, American business magnate and philanthropist

INFO THAT HITS US WHERE WE LIVE... In May, those in the real estate business found lots of new people they might eventually make friends with. Pending Home Sales moved up for the fifth month in a row, hitting a nine-year high. The National Association of Realtors (NAR) measure of contracts signed on existing homes hasn't been at this level of activity since April 2006. The NAR says this indicates that home sales are likely off to their best year since the downturn. In addition, the NAR's chief economist noted, "It's very encouraging to now see a

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Tom Hardel Market Update

Monday, June 29th, 2015 at 5:43pm. 74 Views, 0 Comments.

>> Market Update 

QUOTE OF THE WEEK... "Well done is better than well said."--Benjamin Franklin, American Founding Father, author, printer, politician, postmaster, scientist, inventor, and diplomat

INFO THAT HITS US WHERE WE LIVE... Last month, real estate professionals clearly did well. Existing Home Sales went up 5.1% in May, hitting a better than expected 5.35 million annual rate. Even more important, sales are up 9.2% over a year ago, confirming that the trend is solidly positive.The May gain came pretty much all from single-family homes, although condos and coops were also up for the month. The median price of an existing home is now 7.9% over where it was a year ago. It was particularly nice to see sales increase in all major regions of the…

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Summit Mortgage Weekly Rates

Friday, June 26th, 2015 at 8:02pm. 81 Views, 0 Comments.

COMMENTARYCommerce Dept. reports dominated the early part of the week with much-ado about nothing.  One report showed consumer spending down, another showed economic growth was up so in the end, mortgage investors yawned.  It is definitely worth noting that most market watchers believe the Fed's telescope is focused squarely on inflation which registered a very benign gain of 0.1% for the third month in the last four.   The "so what" factor here is straightforward -- rising incomes and accelerating spending are not a threat to mortgage interest rates as long as inflation stays in check. 

Having said all of this, in the short term, the situation in Europe remains the hottest topic.  If the Euro bankers come to a quick resolution to the Greek debt

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Tom Hardel Market Update

Monday, June 22nd, 2015 at 8:11pm. 87 Views, 0 Comments.

>> Market Update 

QUOTE OF THE WEEK... "I find the great thing in this world is not so much where we stand, as in what direction we are moving."--Oliver Wendell Holmes, Sr., American physician, professor, and writer

INFO THAT HITS US WHERE WE LIVE... Housing Starts in May did not stand in a very comfortable place, down 11.1% from April. But let's take the advice of the famed Boston Brahmin and consider the direction--up 5.1% from a year ago. Single-family starts are up even more--6.8% in the past year. For more input on direction, we look to the 12-month moving average, and that's at its highest level since August 2008. More rational minds, not easy to find these days, also pointed out that May's dip in  housing starts followed April's

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Tom Hardel Market Update

Monday, June 15th, 2015 at 8:23pm. 83 Views, 0 Comments.

>> Market Update 

QUOTE OF THE WEEK... "The future ain't what it used to be."--Lawrence Peter "Yogi" Berra, retired American Major League Baseball player, manager, and coach

INFO THAT HITS US WHERE WE LIVE... The beloved catcher and aphorist could well be commenting on the housing market. Its future may not be booming like it once was, but it does look better. Fannie Mae's May 2015 National Housing Survey reports the share of people who say now is a good time to sell hit a survey high of 49%, six points higher than the same time last year. Also, the share of consumers whose household income is significantly higher than a year ago grew 6% in two months, to 28%. With these two indicators, Fannie's chief economist said, "Things are looking up for

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